PET Radiotracer Market (Product: F-18 [FDG18], Ga-68 [FAPI], and Others; and Application: Cancer, Heart Disease, Gastrointestinal, Endocrine, Neurological Disorders, and Others) - Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global PET Radiotracer market size was estimated at USD 1.9 billion in 2021 and is expected to surpass around USD 4.0 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 10.2% during the forecast period 2022 to 2030.

Radiotracers used in positron emission tomography (PET) are chemical compounds comprising more than one atom replaced by a radioisotope. Each tracer consists of a positron-emitting isotope (radioactive tag) bound to an organic ligand (targeting agent). PET radiotracers are administered intravenously. Radiotracers are used for tracking the mechanism of chemical reactions taking part in a biological system such as glucose metabolism, amino acid uptake, glucocorticoid synthesis, and other metabolic studies. Different types of radiotracers are used in PET for metabolic studies for visualization using PET imaging.

The International Atomic Energy Agency (IAEA) plays an important role in assisting the transfer of radiotracer technology to developing member states. Commonly used PET radiotracers for imaging are F 18 FDG, C-11 Methionine, F 18 fluoroethyl-l-tyrosine (FET), F 18 fluoro-dihydroxy-l-phenylalanine (F-DOPA), and C 11 Etomidate.

According to the American Nuclear Society, more than 10,000 hospitals throughout the world use radioisotopes. Nearly 90% of these are used for the diagnosis of infectious diseases, cancer, neurological disorders, and other diagnostic applications, allowing for cerebral blood flow visualization, tumor protein synthesis, neuroendocrine imaging, myocardial perfusion, and other studies.

Report Scope of the PET Radiotracer Market

Increase in Incidence of Neurological, Cancer, and Cardiac Diseases to Propel Global PET Radiotracer Market

PET is an important molecular imaging technology utilized for the assessment of neurological disorders. According to World Health Organization’s (WHO) 2021 estimates, nearly 55 million people across the globe have dementia, with Alzheimer's disease being the most common cause accounting for 60% to 70% of all dementia diagnoses. PET scanners provide comprehensive visualization of neurological abnormalities including determination of the location of the epileptic seizures before surgery, diagnosis of movement disorders, and ability to identify and diagnose early stages of Alzheimer’s and other dementia. Diagnostic tracers for neurological indications have become a key area of interest across the world. Large numbers of manufacturers are focusing on the introduction of tracers capable of detecting beta-amyloid plaque density in patients with cognitive impairment who are being evaluated for Alzheimer’s disease.

Rise in Preference for PET/CT and PET Scans to Fuel PET Radiotracer Market Demand

PET scans could be used to evaluate organs and/or tissues for the presence of disease or other conditions. PET could also be used to evaluate the function of organs such as heart and brain. Detection of cancer and evaluation of cancer treatment are the common applications of PET, which has been recognized as a promising diagnostic tool to predict biological and physiological changes at the molecular level. Thus, PET offers a potential area for applications including stem cell research. The PET technique allows researchers to study the normal processes in the brain (central nervous system) of normal individuals and patients with neurologic illnesses without physical/structural damage to the brain. When a region of the brain is active, it uses more fuel in the form of oxygen and sugar (glucose). According to the American Nuclear Society, 90% of radioisotopes are used in gamma cameras or PET scan nuclear diagnostics. The remaining 10% are used in radioactive therapeutic drugs to treat diseases such as cancer and heart diseases, and gastrointestinal, endocrinal, and neurological disorders.

High Sensitivity in Detection of Seizure Foci Driving F-18 Segment

In terms of radiotracer type, the global market has been classified into F-18 (FDG18), Ga-68 (FAPI), and others. The F-18 (FDG18) segment dominated the global market in 2021, as FDG is the most commonly used radiotracer in clinical PET imaging. Different scientific research studies have stated that FDG PET has a sensitivity of more than 70% in detection of seizure foci as compared to other F-18 agents. This is driving the usage of FDG as a prominent PET drug tracer.

Rise in Usage of Radioisotopes in Oncology Propelling Cancer Segment

Based on radiotracer type, the global PET radiotracer market has been segregated into cancer, heart disease, gastrointestinal, endocrine, neurological disorders, and others. Most of the radioisotopes across the globe are used in oncology for diagnosis or radiation therapy. F-18 and Ga-68-based radioisotopes are primarily used in the diagnosis of cancer.

Availability of Advanced PET Systems and Trained Medical Personnel Augmenting Hospitals Segment

In terms of end-user, the hospitals segment dominated the global market for PET radiotracer in 2021. The trend is anticipated to continue during the forecast period. Increase in patient preference for hospitals for PET radiotracer diagnosis is expected to propel the hospitals segment during the forecast period. Furthermore, the hospitals segment is likely to grow at a high CAGR during the forecast period owing to the increase in number of neurology, cancer, and cardiac patients; availability of advanced PET systems at low cost; and presence of trained medical personnel.

Regional Outlook of Global PET Radiotracer Market

The U.S. and Europe, cumulatively, accounted for more than 95% market share for PET radiotracer in 2021. The U.S. was the dominant market in 2021. The trend is anticipated to continue during the forecast period. Growth of the market in the U.S. can be ascribed to the increase in usage of fluorine-18 for various diseases. According to the U.S. Centers for Disease Control, an estimated 2,096,000 clinical PET scans were performed in hospital and non-hospital sites using fixed PET imaging systems or mobile PET services in 2020.

Analysis of Key Players in Global PET Radiotracer Market

The report concludes with the company profiles section, which includes information about key players in the global PET radiotracer market. Key players are focusing on adopting strategies such as acquisition & collaboration, geographic expansion, expansion of distribution channels, and R&D to enhance their share in the global market. PET radiotracer companies analyzed in the report are ABX advanced biochemical compounds GmbH, Blue Earth Diagnostics, Cardinal Health, Eli Lilly and Company, GE Healthcare, IBA Radiopharma Solutions, Jubilant Pharma Limited, Lantheus Holdings, Inc., Siemens Healthineers AG, and Yantai Dongcheng Pharmaceutical Group Co., Ltd.

Key Developments in Global PET Radiotracer Market

• In June 2021, IBA introduced its new high energy and high-capacity cyclotron, the Cyclone IKON, which offers the largest energy spectrum for PET and SPECT isotopes from 13 MeV to 30 MeV
• On May 27, 2021, Lantheus Holdings, Inc. announced that the FDA had approved PYLARIFY, an F18-labeled PET imaging agent targeting prostate-specific membrane antigen (PSMA). PYLARIFY is a product in the radiopharmaceutical oncology product category. The company commercially launched PYLARIFY in the U.S. in June 2021.

 Some of the prominent players in the PET Radiotracer Market include:

• ABX advanced biochemical compounds GmbH (Cambridge Isotope Laboratories, Inc.)
• Blue Earth Diagnostics
• Cardinal Health
• Eli Lilly and Company
• GE Healthcare
• IBA Radiopharma Solutions
• Jubilant Pharma Limited
• Lantheus Holdings, Inc.
• Siemens Healthineers AG
• Yantai Dongcheng Pharmaceutical Group Co., Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global PET Radiotracer market

• Radiotracer Type
• F-18 (FDG18)
• Ga-68 (FAPI)
• Others
• Application
• Cancer
• Heart Disease
• Gastrointestinal
• Endocrine
• Neurological Disorders
• Others
• End-user
• Hospitals
• Diagnostic Centers
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global PET Radiotracer industry analysis from 2022 to 2030 to identify the prevailing PET Radiotracer industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global PET Radiotracer industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global PET Radiotracer industry trends, key players, market segments, application areas, and market growth strategies.